Hong Zhang

Tsinghua University - PBC School of Finance

Phoenix Chair Professor of Finance

No. 43, Chengdu Road

Haidian District

Beijing 100083

China

http://eng.pbcsf.tsinghua.edu.cn/content/details167_7995_x.html

INSEAD - Finance

Visiting Fellow-Emerging Markets Institute

1 Ayer Rajah Avenue

Singapore

Singapore

SCHOLARLY PAPERS

28

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16,116

CITATIONS
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Top 4,972

in Total Papers Citations

105

Scholarly Papers (28)

1.
Downloads 5,147 ( 1,078)
Citation 53

Estimating the Dynamics of Mutual Fund Alphas and Betas

Yale ICF Working Paper No. 03-03; EFA 2003 Annual Conference Paper No. 803; AFA 2004 San Diego Meetings
Number of pages: 40 Posted: 10 Mar 2005
Yale University - Yale School of Management, International Center for Finance, Columbia University - Columbia Business School and Tsinghua University - PBC School of Finance
Downloads 5,147 (1,064)
Citation 53

Abstract:

Estimating the Dynamics of Mutual Fund Alphas and Betas

The Review of Financial Studies, Vol. 21, Issue 1, pp. 233-264, 2008
Posted: 26 Jun 2008
Columbia University - Columbia Business School, Yale University - Yale School of Management, International Center for Finance and Tsinghua University - PBC School of Finance

Abstract:

2.
Downloads 3,724 ( 1,900)
Citation 39

Improved Forecasting of Mutual Fund Alphas and Betas

Yale ICF Working Paper No. 04-23, EFA 2005 Moscow Meetings
Number of pages: 42 Posted: 27 Jul 2005
Yale University - Yale School of Management, International Center for Finance, Columbia University - Columbia Business School and Tsinghua University - PBC School of Finance
Downloads 3,724 (1,861)
Citation 39

Abstract:

Mutual fund performance, back test

Improved Forecasting of Mutual Fund Alphas and Betas

Review of Finance, Vol. 11, Issue 3, pp. 359-400, 2007
Posted: 14 Jul 2008
Columbia University - Columbia Business School, Yale University - Yale School of Management, International Center for Finance and Tsinghua University - PBC School of Finance

Abstract:

G12, G13

3.

Dynamic Beta, Time-Varying Risk Premium, and Momentum

Yale ICF Working Paper No. 04-26
Number of pages: 58 Posted: 30 Jul 2004
Hong Zhang
Tsinghua University - PBC School of Finance
Downloads 1,374 (10,002)
Citation 2

Abstract:

4.

The Invisible Hand of Short Selling: Does Short Selling Discipline Earnings Management?

Review of Financial Studies, Forthcoming, INSEAD Working Paper No. 2012/93/FIN, Asian Finance Association (AsFA) 2013 Conference
Number of pages: 91 Posted: 06 Aug 2012 Last Revised: 02 Oct 2015
Massimo Massa, Bohui Zhang and Hong Zhang
INSEAD - Finance, University of New South Wales (UNSW) - School of Banking and Finance and Tsinghua University - PBC School of Finance
Downloads 599 (19,788)

Abstract:

short-selling, earning manipulation, international finance, governance

The Unexpected Activeness of Passive Investors: A World-Wide Analysis of ETFs

INSEAD Working Paper No. 2013/39/FIN
Number of pages: 63 Posted: 26 Feb 2013 Last Revised: 06 Apr 2016
Si Cheng, Massimo Massa and Hong Zhang
Chinese University of Hong Kong - Department of Finance, INSEAD - Finance and Tsinghua University - PBC School of Finance
Downloads 524 (42,401)

Abstract:

ETFs, Subsidization, Banks, Shadow Banking, Distress

The Unexpected Activeness of Passive Investors: A World-Wide Analysis of ETFs

CEPR Discussion Paper No. DP11988
Number of pages: 53 Posted: 25 Apr 2017
Si Cheng, Massimo Massa and Hong Zhang
Chinese University of Hong Kong - Department of Finance, INSEAD - Finance and Tsinghua University - PBC School of Finance
Downloads 1 (579,951)
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Abstract:

banks, Distress, ETFs, shadow banking, Subsidization

Short Selling Meets Hedge Fund 13F: An Anatomy of Informed Demand

Asian Finance Association (AsianFA) 2015 Conference Paper, PBCSF-NIFR Research Paper No. 15-01, INSEAD Working Paper No. 2015/12/FIN
Number of pages: 31 Posted: 03 Feb 2015 Last Revised: 19 Feb 2016
Yawen Jiao, Massimo Massa and Hong Zhang
University of California, Riverside, INSEAD - Finance and Tsinghua University - PBC School of Finance
Downloads 487 (46,511)

Abstract:

short selling, hedge funds, 13F, informed demand, hedging

Short Selling Meets Hedge Fund 13F: An Anatomy of Informed Demand

CEPR Discussion Paper No. DP10471
Number of pages: 33 Posted: 16 Mar 2015
Yawen Jiao, Massimo Massa and Hong Zhang
University of California, Riverside, INSEAD - Finance and Tsinghua University - PBC School of Finance
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Abstract:

short-selling

Guru Dreams and Competition: An Anatomy of the Economics of Blogs

INSEAD Working Paper No. 2014/59/FIN, Asian Finance Association (AsianFA) 2015 Conference Paper
Number of pages: 35 Posted: 06 Nov 2014 Last Revised: 14 Feb 2015
Yi Dong, Massimo Massa and Hong Zhang
Shanghai University of Finance and Economics, INSEAD - Finance and Tsinghua University - PBC School of Finance
Downloads 417 (56,523)

Abstract:

Blogs, Social media, Information provision, Competition

Guru Dreams and Competition: An Anatomy of the Economics of Blogs

CEPR Discussion Paper No. DP10470
Number of pages: 34 Posted: 09 Mar 2015
Massimo Massa, Hong Zhang and Yi Dong
INSEAD - Finance, Tsinghua University - PBC School of Finance and Shanghai University of Finance and Economics
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Abstract:

Blogs, Competition, Information provision, Social media

8.

Mutual Fund Risk and Market Share Adjusted Fund Flows

Journal of Financial Economics (JFE), Vol. 108, No. 2, 2013
Number of pages: 48 Posted: 22 Sep 2010 Last Revised: 31 Oct 2014
Matthew I. Spiegel and Hong Zhang
Yale University - Yale School of Management, International Center for Finance and Tsinghua University - PBC School of Finance
Downloads 338 (73,183)
Citation 10

Abstract:

mutual funds, fund flows, fund returns

Saving Long-Term Investment from Short-Termism: The Surprising Role of Short Selling

INSEAD Working Paper No. 2015/11/FIN, Asian Finance Association (AsianFA) 2015 Conference Paper
Number of pages: 42 Posted: 14 Feb 2015
Massimo Massa, Fei Wu, Hong Zhang and Bohui Zhang
INSEAD - Finance, Shanghai Jiao Tong University (SJTU) - Shanghai Advanced Institute of Finance (SAIF), Tsinghua University - PBC School of Finance and University of New South Wales (UNSW) - School of Banking and Finance
Downloads 169 (148,723)

Abstract:

Short selling, Long-term Investment, R&D, International Finance

Saving Long-Term Investment from Short-Termism: The Surprising Role of Short Selling

INSEAD Working Paper No. 2015/11/FIN
Number of pages: 42 Posted: 03 Feb 2015 Last Revised: 07 Feb 2015
Massimo Massa, Fei Wu, Bohui Zhang and Hong Zhang
INSEAD - Finance, Shanghai Jiao Tong University (SJTU) - Shanghai Advanced Institute of Finance (SAIF), University of New South Wales (UNSW) - School of Banking and Finance and Tsinghua University - PBC School of Finance
Downloads 133 (182,225)

Abstract:

Short selling, Long-term Investment, R&D, International Finance

10.

Governance Through Threat: Does Short Selling Improve Internal Governance?

INSEAD Working Paper No. 2013/83/FIN
Number of pages: 60 Posted: 10 Jul 2013
Massimo Massa, Bohui Zhang and Hong Zhang
INSEAD - Finance, University of New South Wales (UNSW) - School of Banking and Finance and Tsinghua University - PBC School of Finance
Downloads 269 (57,906)

Abstract:

short selling, international finance, corporate governance, equity incentives

Mutual Funds and Information Diffusion: The Role of Country-Level Governance

Tinbergen Institute Discussion Paper 14-079/IV/DSF76, Review of Financial Studies 2014, issue 27: page 3343-3387
Number of pages: 55 Posted: 04 Jul 2014 Last Revised: 26 Oct 2014
Melissa Lin, Massimo Massa and Hong Zhang
Erasmus University Rotterdam, INSEAD - Finance and Tsinghua University - PBC School of Finance
Downloads 154 (161,232)

Abstract:

Mutual Funds, Information Diffusion, Country-Level Governance, Semi-public Information, Liquidity

Mutual Funds and Information Diffusion: The Role of Country-Level Governance

Forthcoming, The Review of Financial Studies
Number of pages: 53 Posted: 19 Aug 2011 Last Revised: 12 Sep 2014
Melissa Lin, Massimo Massa and Hong Zhang
Erasmus University Rotterdam, INSEAD - Finance and Tsinghua University - PBC School of Finance
Downloads 80 (261,564)

Abstract:

governance, semi-public information, mutual funds, liquidity

12.

Can Rational Investors Overreact?

Number of pages: 50 Posted: 20 Mar 2005
Hong Zhang
Tsinghua University - PBC School of Finance
Downloads 199 (123,905)
Citation 1

Abstract:

Cumulative uncertainty, Intermediate trading, Overreaction

13.

Competition of the Informed: Does the Presence of Short Sellers Affect Insider Selling?

Journal of Financial Economics (JFE), Forthcoming, INSEAD Working Paper No. 2014/63/FIN
Number of pages: 51 Posted: 10 Dec 2014 Last Revised: 11 Dec 2014
INSEAD - Finance, National University of Singapore - NUS Business School, National University of Singapore (NUS) and Tsinghua University - PBC School of Finance
Downloads 193 (58,595)

Abstract:

Short Selling, Insider Trading, Informed Trader, Market Efficiency

The Impact of Sin Culture: Evidence from Earnings Management and Alcohol Consumption in China

INSEAD Working Paper No. 2017/17/FIN
Number of pages: 56 Posted: 30 May 2016 Last Revised: 15 Feb 2017
Zhe Li, Massimo Massa, Nianhang Xu and Hong Zhang
Renmin University of China, INSEAD - Finance, School of Business, Renmin University of China and Tsinghua University - PBC School of Finance
Downloads 183 (139,758)

Abstract:

Culture, Earnings management, Alcohol, Geographic shocks

The Impact of Sin Culture: Evidence from Earning Management and Alcohol Consumption in China

CEPR Discussion Paper No. DP11475
Number of pages: 68 Posted: 06 Sep 2016
Zhe Li, Massimo Massa, Nianhang Xu and Hong Zhang
Renmin University of China, INSEAD - Finance, School of Business, Renmin University of China and Tsinghua University - PBC School of Finance
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Abstract:

Alcohol, Culture, Earnings management, Geographic shocks

Investing in Low-Trust Countries: Trust in the Global Mutual Fund Industry

Asian Finance Association (AsianFA) 2015 Conference Paper
Number of pages: 76 Posted: 21 Jan 2015
INSEAD - Finance, SKK GSB, Tsinghua University - PBC School of Finance and Hong Kong Baptist University (HKBU) - Department of Finance and Decision Sciences
Downloads 178 (141,809)

Abstract:

Trust, International Investments, Mutual Funds, Performance

Investing in Low-Trust Countries: Trust in the Global Mutual Fund Industry

CEPR Discussion Paper No. DP10472
Number of pages: 43 Posted: 09 Mar 2015
INSEAD - Finance, SKK GSB, Tsinghua University - PBC School of Finance and National University of Singapore (NUS)
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Abstract:

International Investments, Mutual Funds, Performance, Trust

Culture vs. Bias: Can Social Trust Mitigate the Disposition Effect?

INSEAD Working Paper No. 2016/86/FIN, Asian Finance Association (AsianFA) 2017 Conference
Number of pages: 44 Posted: 10 Nov 2016 Last Revised: 24 Jan 2017
INSEAD, INSEAD - Finance and Tsinghua University - PBC School of Finance
Downloads 174 (144,754)

Abstract:

Trust, The Disposition Effect, Mutual Funds

Culture vs. Bias: Can Social Trust Mitigate the Disposition Effect?

CEPR Discussion Paper No. DP11474
Number of pages: 50 Posted: 06 Sep 2016
INSEAD, INSEAD - Finance and Tsinghua University - PBC School of Finance
Downloads 3 (560,249)
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Abstract:

Mutual funds, The Disposition Effect, Trust

Short-Sale Constraints and the Pricing of Managerial Skills

INSEAD Working Paper No. 2012/92/FIN
Number of pages: 65 Posted: 07 Aug 2012 Last Revised: 14 Aug 2015
Si Cheng, Massimo Massa and Hong Zhang
Chinese University of Hong Kong - Department of Finance, INSEAD - Finance and Tsinghua University - PBC School of Finance
Downloads 164 (152,732)

Abstract:

Managerial skills, mutual funds, short-sale constraint

Short-Sale Constraints and the Pricing of Managerial Skills

CEPR Discussion Paper No. DP10447
Number of pages: 51 Posted: 02 Mar 2015
Si Cheng, Massimo Massa and Hong Zhang
Chinese University of Hong Kong - Department of Finance, INSEAD - Finance and Tsinghua University - PBC School of Finance
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Abstract:

Managerial skills, mutual funds, short-sale constraint.

18.

Productivity, Asset Return, and International Index Momentum

EFA 2008 Athens Meetings
Number of pages: 38 Posted: 26 Feb 2008
Zhiwu Chen, Yangru Wu and Hong Zhang
University of Hong Kong, Rutgers University, Newark - School of Business - Department of Finance & Economics and Tsinghua University - PBC School of Finance
Downloads 144 (162,906)

Abstract:

19.

Benchmarking and Currency Risk

Journal of Financial and Quantitative Analysis (JFQA), Forthcoming
Number of pages: 44 Posted: 15 Mar 2012 Last Revised: 31 Oct 2014
Massimo Massa, Yanbo Wang and Hong Zhang
INSEAD - Finance, Sungkyunkwan University and Tsinghua University - PBC School of Finance
Downloads 109 (164,779)

Abstract:

mutual fund, currency risk, portfolio management

20.

Productivity, Asset Returns, and International Index Momentum

Number of pages: 38 Posted: 17 Mar 2008
Zhiwu Chen, Yangru Wu and Hong Zhang
University of Hong Kong, Rutgers University, Newark - School of Business - Department of Finance & Economics and Tsinghua University - PBC School of Finance
Downloads 100 (215,673)

Abstract:

Are LPs Funds of Funds? Relationship Building in the Private Equity Industry

INSEAD Working Paper No. 2014/57/FIN
Number of pages: 45 Posted: 25 Oct 2014
Massimo Massa, Hong Zhang and Xiaolan Zhou
INSEAD - Finance, Tsinghua University - PBC School of Finance and Shanghai University of Finance and Economics - School of Economics
Downloads 89 (244,391)

Abstract:

Private Equity, Relationship, Performance

Are LPs Funds of Funds? Relationship Building in the Private Equity Industry

CEPR Discussion Paper No. DP10448
Number of pages: 44 Posted: 02 Mar 2015
Massimo Massa, Hong Zhang and Xiaolan Zhou
INSEAD - Finance, Tsinghua University - PBC School of Finance and Shanghai University of Finance and Economics - School of Economics
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Abstract:

Performance, Private Equity, Relationship

22.

Heterogeneity in Horizon, Equilibrium Clientele, and the Cross-Section of Value Premium

Number of pages: 36 Posted: 05 Mar 2008
Hong Zhang
Tsinghua University - PBC School of Finance
Downloads 70 (273,454)

Abstract:

23.

On the Dynamics of Corporate Bond Ownership

Number of pages: 67 Posted: 14 Aug 2014 Last Revised: 09 May 2016
Massimo Massa, Hong Zhang and Weina Zhang
INSEAD - Finance, Tsinghua University - PBC School of Finance and Department of Finance, National University of Singapore
Downloads 67 (150,226)

Abstract:

corporate bonds; credit risk, institutional ownership; learning

24.

Incentives and Matching of Heterogeneous Investors and Managers: Field Evidence from a Mutual Fund Scandal

INSEAD Working Paper No. 2014/29/EFE/FIN
Number of pages: 18 Posted: 06 Jul 2013 Last Revised: 09 Apr 2014
Henrich R. Greve and Hong Zhang
INSEAD and Tsinghua University - PBC School of Finance
Downloads 33 (366,231)

Abstract:

Heterogeneous Investors and Managers, Market Matching, Optimal Contracts, Repeated Games, Mutual Funds

25.

Behavioral Bias in Haze: Evidence from Air Pollution and the Disposition Effect in China

Number of pages: 39 Posted: 28 Jun 2017
INSEAD, INSEAD - Finance, Tsinghua University - PBC School of Finance and Hong Kong Baptist University (HKBU) - Department of Finance and Decision Sciences
Downloads 0 (240,787)

Abstract:

Air Pollution, The Disposition Effect, Mutual Funds

26.

Mergers and Acquisitions and the Value of Control

CEPR Discussion Paper No. DP11986
Number of pages: 49 Posted: 25 Apr 2017
London Business School, INSEAD - Finance, Tsinghua University - PBC School of Finance and PBC School of Finance
Downloads 0 (524,851)
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Abstract:

bargaining power, Business Groups, M&As, value of control

27.

When is Good News Not Good News? Opening Up the Black Box of Innovation for Family Firms

CEPR Discussion Paper No. DP11472
Number of pages: 66 Posted: 06 Sep 2016
University of Hong Kong, Singapore Management University - School of Accountancy, INSEAD - Finance and Tsinghua University - PBC School of Finance
Downloads 0 (541,415)
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Abstract:

family firms, innovation, innovation strategies, under-diversification

28.

The New Lyrics of the Old Folks: The Role of Family Ownership in Corporate Innovation

CEPR Discussion Paper No. DP10445
Number of pages: 72 Posted: 02 Mar 2015
University of Hong Kong, Singapore Management University - School of Accountancy, INSEAD - Finance and Tsinghua University - PBC School of Finance
Downloads 0 (565,802)
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Abstract:

Family firms, innovation, intangible investment